Component Inspector for Custom Component Questions

Hi --

I am wondering if it is possible to make the component inspector somewhat
dynamic for use with a custom component. For example, I have a component
where the user can choose to have a value set automatically or the user can
have it set manually and enter a range for this value in two component
parameters. Is it possible to hide to parameters in the component inspector
when a third parameter is set to TRUE and to show those two when the third
is set to FALSE?

Thanks

Rich